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KOTA KINABALU: The Employees Provident Fund (EPF) approved withdrawals totaling RM1.66 billion for 3.5 million taxpayers under the i-Lestari initiative launched last month, said Deputy Finance Minister I Abdul Rahim Bakri.
The money from Account 2 will be credited to their bank accounts between May 4 and May 18, it said in a statement today.
“The EPF i-Lestari initiative, which involves an allocation of RM40 billion, will inject liquidity of RM3.3 billion per month on average into the local economy.
“This added liquidity is necessary not only to help people earn disposition income, but also to create the market liquidity required by the retail sector, allow money to change hands, and create a multiplier effect on the country’s economy. “, said.
Rahim said the retail sector had been severely affected by the economic impact of the Covid-19 pandemic.
“This unprecedented health emergency had reduced cash flow in the market after many people lost their sources of income. Billions of “tourism dollars” from foreign tourists have also been lost due to the collapse of the tourism services sector, “he said.
He said it would take time to revive the economy as the pandemic had impacted all sectors of the world.
I-Lestari’s retirement service is intended to ease the financial burden on EPF members and help them meet their basic monthly financial needs during the pandemic.
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